Muawwan Daelami, Jakarta – Indonesia's sovereign wealth fund, Daya Anagata Nusantara (Danantara), is considering stepping in as a standby buyer for state-owned enterprises (SOEs) looking to strengthen their capital amid weak investor sentiment, Chief Investment Officer Pandu Sjahrir said Thursday.
Speaking at the BNI Investor Daily Roundtable in Jakarta, Pandu outlined Danantara's potential role in stabilizing SOE stocks in the capital market as part of its broader strategy to enhance governance and financial performance. The fund, which was established on Monday, aims to act swiftly while prioritizing risk management and transparency.
"If a company, such as a bank, needs to offload shares to boost liquidity while the market remains hesitant, Danantara could step in as a standby buyer," Pandu said. "At the same time, we welcome private investors to participate."
The initiative is part of Danantara's early-phase measures following its official formation. The fund is assessing opportunities to support publicly listed SOEs with solid returns but declining stock prices over the past four months. "If we find them attractive, there's no reason not to invest," Pandu said.
Over the next month, Danantara will focus on finalizing its composition alongside private sector players, refining regulatory frameworks, completing asset transfers, and assembling a top-tier management team before presenting its strategy to the public.
"We are evaluating what makes sense for the market. Our first investments may not be the most exciting, but they will be relatively safe," Pandu said.
SOE dividends and economic growth
Beyond capital market intervention, Danantara is focused on making SOEs more agile and efficient to optimize their contributions to Indonesia's economy. The fund is also revising dividend management, shifting from direct state contributions to reinvestment strategies aimed at fueling national growth.
"Previously, SOE dividends went directly to the state treasury. Now, we can reinvest them through Danantara, providing a positive impact on GDP expansion," Pandu said.
Danantara, which will assume management of all 47 SOEs by the end of March, is expected to become a key player in Indonesia's economic transformation, backed by a $20 billion investment plan and broader budget efficiency measures under President Prabowo Subianto's administration. The fund will oversee $900 billion in assets, positioning it among the world's largest sovereign wealth funds.